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This document presents the consolidated financial statements of The Corporation of the Township of Norwich for the year ended December 31, 2022, detailing financial position and operational results.
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Consolidated financial statements are financial reports that combine the assets, liabilities, equity, income, and cash flows of a parent company and its subsidiaries into a single set of financial records.
Companies that control one or more subsidiaries, typically in accordance with accounting standards such as IFRS or GAAP, are required to file consolidated financial statements.
To fill out consolidated financial statements, begin by aggregating the financials of the parent and its subsidiaries, eliminating intercompany transactions and balances, and ensuring compliance with applicable accounting standards.
The purpose of consolidated financial statements is to provide an accurate and comprehensive overview of the financial position and performance of a group of companies under a single control, allowing stakeholders to assess the overall financial health.
Consolidated financial statements must report consolidated balance sheet, consolidated income statement, consolidated statement of changes in equity, and consolidated cash flow statement, including disclosures about subsidiaries and accounting policies.
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